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LIQUIDITY AND CAPITAL RESOURCES | 9 Months Ended
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Sep. 30, 2021
LIQUIDITY AND CAPITAL RESOURCES [Abstract] |
LIQUIDITY AND CAPITAL RESOURCES |
2) | LIQUIDITY AND CAPITAL RESOURCES
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company has incurred significant operating losses and has an accumulated deficit as a result of ongoing efforts to develop product candidates, including conducting clinical trials and providing general and administrative support for these operations. As of September 30, 2021, the Company had a cash balance of $24,381,831 and an accumulated deficit of $151,231,510 (inclusive of $80,537,551 IPR&D expense related to the Acquisition, $9,648,173 related to the loss on sale of assets in the Disposition and $750,000 related to the change in fair value of contingent consideration). During the three and nine months ended September 30, 2021, the Company incurred a net loss of $86,055,312 and $113,842,963, respectively, and during the nine months ended September 30, 2021, the Company used cash in operating activities of $16,657,634. On April 26, 2021, Brooklyn entered into a common stock purchase agreement (the “First Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“Lincoln Park”), which provided that Brooklyn could offer to Lincoln Park up to an aggregate of $20,000,000 of common stock over a 36-month period commencing after May 10, 2021, the date that a registration statement covering the resale of shares of common stock issued under the First Purchase Agreement was declared effective by the SEC. As of September 30, 2021, Brooklyn had issued and sold an aggregate of 1,127,736 shares of common stock to Lincoln Park pursuant to the First Purchase Agreement, resulting in gross proceeds of $20,000,000. On May 26, 2021, Brooklyn entered into a second common stock purchase agreement (the “Second Purchase Agreement”) with Lincoln Park, which provides that Brooklyn may offer to Lincoln Park up to an aggregate of $40,000,000 of common stock over a 36-month period commencing after June 4, 2021, the date that a registration statement covering the resale of shares of common stock issued under the Second Purchase Agreement was declared effective by the SEC. As of September 30, 2021, Brooklyn had issued and sold an aggregate of 2,424,254 shares of common stock to Lincoln Park pursuant to the Second Purchase Agreement, resulting in gross proceeds of $34,105,514. On July 16, 2021, Brooklyn used $22,882,181 of cash towards the purchase price of the Acquisition. The remaining purchase price of the Acquisition was completed through the issuance of Brooklyn’s common stock. The Company believes its existing cash resources are sufficient to fund its current operating plan for at least the next 12 months from the date these financial statements are being issued.

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- Definition The entire disclosure of liquidity and resource matters when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). going concern. + References No definition available. + Details
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